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Reply #60: THE FED DOES NOT DOLE OUT TAXPAYER DOLLARS [View All]

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Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU
BadGimp Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 11:27 PM
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60. THE FED DOES NOT DOLE OUT TAXPAYER DOLLARS
I can't believe people keep talking about the Fed like it's a US Government institution. It's NOT.

It's a freakin BANK people. The Government can regulate it like any bank but it's not OUR MONEY!!! The money in the Fed belongs to some of the worlds wealthiest people / (companies?)and nations (I think there are some nations with funds in the fed).

I think the US gave the Fed it's charter, but the President and Congress have no control over the fed. the President in largely ceremonious manner appoints the head of the Fed but I doubt he does little more than rubber stamp the person he's been told to approve.

And another thing.. Stop conflating the Deficit with the Debt! Teh Deficit is the amount we spend over what we have every year, and then have to borrow to pay, and the Debt is the total amount we borrowed to date (plus interest, less payments) that remains outstanding (that means we still owe it).

Google it or use Wikipedia
http://en.wikipedia.org/wiki/United_States_public_debt
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